Britain Opens Door to Foreign Stake in Iconic Newspaper
Britain plans to permit foreign states to acquire up to 15% ownership in a newspaper, potentially expediting the Telegraph sale. This decision follows a previous block of foreign investments in media by the Conservative government. It raises concerns about media independence and foreign influence.
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The British government has announced plans to permit foreign ownership of up to 15% in national newspapers, a policy shift that could pave the way for the swift sale of the Telegraph. This landmark decision, revealed by an official on Wednesday, reignites the discussion about media independence and foreign involvement in significant national assets.
In the past year, the Conservative government blocked the acquisition of the Telegraph by RedBird IMI, led by former CNN head Jeff Zucker and predominantly funded by Abu Dhabi, as part of a broader prohibition on foreign investment in British media. Despite these measures, RedBird IMI, backed by Abu Dhabi, gained control of the Telegraph titles and the Spectator magazine in 2023 by assisting with the repayment of the Barclay family's £1.2 billion debt.
Introducing a foreign ownership cap provides an avenue for Abu Dhabi to maintain a partial stake in the Telegraph. The Department for Culture, Media and Sport has refrained from commenting on this development.
(With inputs from agencies.)
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